Practice Makes Perfect
MAS to Issue RM2.5b Sukuk, 10-yr Tenure
Chin Kok Tan
Publish date: Tue, 22 May 2012, 06:42 PM
Chin Kok Tan
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KUALA LUMPUR: Malaysian Airline System Bhd (MAS) plans to undertake a RM2.5bil Sukuk programme to shore up its capital base and the tenure would be for 10 years under a three-pronged funding programme.
In a statement issued on Tuesday, MAS said the first pillar would be the Sukuk programme.
The second pillar would be to lease six new Airbus A380s and two new Airbus A330 with a total capital value of RM5.3 billion from a special purpose vehicle (SPV), which would be wholly-owned by MoF Inc.
The third pillar of the funding plan is commercial funding of aircraft capital expenditure.
MAS also said it would fully redeem its current Redeemable Convertible Preference Share (RCPS) in issue, on its due redemption date on Oct 30, 2012.
CK>> RCPS's redemption price at RM1.00. Its last closing price today is RM0.935, means there is still a room of 6.5 cents to go, around 7% return in 6 months, which is equivalent to normalized 14% per annum. Why not!
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
